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5 Cards in this Set
- Front
- Back
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Beneficiary |
A person who may become eligible to receive, or is receiving, benefits under any insurance plan. The beneficiary is selected by the policy owner and may be changed at any time, unless "irrevocable." |
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Blanket insurance contract |
A contract of health insurance that covers all of a class of persons not individually identified. Often written to cover school children or sports teams, such as Little League. No certificates are issued, since coverage applies to everyone that attends or participates. |
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Blue plan |
Generic term for those insurers (usually on a service rather than reimbursement basis) who are authorized to use the designation "Blue Cross" or "Blue Shield." |
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Brokerage |
A producer who represents an insured in the solicitation, negotiation, or procurement of contracts of insurance. For example, you might represent only one insurer as a producer. If that insured the declines to write coverage for your client, you might try the "broker" the business elsewhere in an effort to better serve your customers. |
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Business insurance |
Life and health insurance written to cover business situations such as key person, sole proprietor, partnership, corporations, etc. |
